The property will offer a mix of one-bedroom, two-bedroom and three-bedroom units. The vast majority of them will be affordable to households earning at or below 50% of the area median income, or AMI, which translates to $59,700 a year for a family of four.

Six units will be deeply affordable, available for families earning at or below 20% of AMI, a data point that includes places outside of Philadelphia.

The city’s median annual household income is now $60,302, according to Pew.

The units will remain affordable for at least the next 40 years, thanks to deed restrictions baked into the tax credits secured for the development.

Construction is expected to take 16 months.